By Wendy Van Sickle
Columbus, Ohio, Aug. 31 – Citigroup Inc. priced $15 million of fixed-to-floating rate notes due Aug. 30, 2031 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.25% per year initially. Beginning on Aug. 30, 2022, the interest rate is SOFR plus a spread of 100 basis points, subject to a floor of 0% and a cap of 5%. Interest is payable quarterly.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Fixed-to-floating rate notes
|
| Underlying rate: | SOFR
|
| Amount: | $15 million
|
| Maturity: | Aug. 30, 2031
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| Coupon: | 2.25% per year until Aug. 30, 2022; then SOFR plus 100 bps, with floor of 0% and cap of 5% ; payable quarterly
|
| Price: | Par
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| Payout at maturity: | Par
|
| Pricing date: | Aug. 26
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| Settlement date: | Aug. 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.75%
|
| Cusip: | 17290A2L3
|
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